tv The Willis Report FOX Business October 31, 2013 6:00pm-7:01pm EDT
who have high heels -- were high heels have no brains. those are fighting words, and we are all over it. if see you tomorrow. "the willis report" is coming up next. happy halloween. ♪ ♪ gerri: hello, everybody. i'm gerri willis. tonight on "the willis report", the obamacare website mess, new questions about the government deadline to get the problems fixed. also, more people getting booted from their current health insurance plans, even people on employer-sponsored plans are now at risk. and a great day for consumers and other electronic gadgets when flying. they are watching out for you tonight on "the willis report." ♪ gerri: our top story tonight to millions of americans are losing their health care coverage because of obamacare.
but if you thought you were safe with your employer-sponsored insurance, guess again because in this new reality nothing is sacred anymore. with more on this, editorial board member for the wall street journal. always good to have you here. we have been focused on the individual market. 47%, 60 percent of people losing coverage. it turns out the congressional budget office said that people with employer-sponsored coverage could be losing it as well. what do you say? >> that is a huge number, and if it turns out to be anything obamacare cannot be sustained politically. the big issue about health care is that somewhere around 90 percent of americans have health insurance, and most of us are pretty happy with the insurance. not everyone likes the insurance
companies, but most people like the insurance covers that they have. if you start seeing millions or as you say tens of millions of people losing the coverage being dumped into the exchange's it is an enormous political problem for the democrats in congress, and i'll think they can sustain that. gerri: more than a political problem. it goes right to the dissing table. right to people's daily lives and his been the issue. the cost that goes back to individual families, how aaericans are coping. the issue is exactly what we saw an individual marketplace. these plans may not cover everything that obama wants them to have covered. he can keep your health care if obama likes of health care. it is up to you to make the choices. is that one of the fundamental problems with the stock? it is more expensive now
supervised employer based health plan because yellow a minimum benefits. these are things that will make insurance coverage much more expensive. it is cheaper for me to era dump my workers into the exchange, pay the penalty and it will cost you're right. this is not just a political problem. if this does to happen on assets you're talking about i don't think it survives. huge numbers of democrats joining republicans saying we have to repeal this they are repaired because people losing coverage at the like. gerri: it is going to be interesting to see how it plays out because this is a slower-moving story, and these things happen over time. people forget what is going on. it is hard to keep track. i want to show right now insurance cancellations under
obamacare going on right now. 800,000 in new jersey. 119,000 from blue shield in california. another 800 to 900,000 california. the list goes on and on. it seems to me that may be mary landreau has it recommends using a bill to say, if you like your coverage you can keep it. what would be wrong with embracing that idea? >> let me just disagree with you on something you just said because i very rarely disagree with you, but he said this is a slow-moving train with people losing their health insurance which actually surprised me. this is moving very fast. you have hundreds of thousands of people every day who are getting those notices in the mail, either they are being dropped by their individual insurance our employers are telling him come january 1st i will not be able to provide you. i think this is happening much more quickly than any of us anticipated.
right now of brega with your greater question was. i think it is a fast-moving train that is causing -- remember to my january 1st is only days, weeks away. but you going to do about people losing their coverage. gerri: the obamacare website now working. the fact that now katie saying it will work by november 30th. and, of course, the president after everything that they can find that this. do call oracle, bringing in experts from all over, but it seems to me if you were committed to a website that work you would have done that from the get go, not after two and a half, three years of trying to put this together. it is what i mean by slow-moving this is unraveling. gerri: i will bet you a dime to a dollar that you have me on six regional and i will bet you done to dollar that a computer site is not working.
i just on believe that they can create a system that is for one under million americans to go through all of these groups if the various health plans. and i think it will be working six weeks from now. in many cases the problem with the website is a distraction from the bigger issue that we're talking about, the people losing their coverage. and i like the plan that you mentioned by senator johnson of wisconsin but basically says keep your promises, mr. president. if -- a bill this as if you like recovers a you have right now you will not lose it. those plans automatically qualify under obamacare. gerri: a lot of problems surfacing. medicare doctors are leaving. there being canceled. they're finding other doctors are finding the names on these lists for coverage under obamacare and did not know that there would be there. it is a problem on problem on problem. clear that having the federal government involved as deeply in what is a very private matter is
just not working. where will we be a year from now? >> if you ask me that question a month ago, sure. brock, as president. three more years. this is his signature achievement. i am not so sure about that anymore. i do think this fast-moving train is fast moving over a cliff. and if you have tens of millions of americans to say i kind of like the obamacare when it was first advertised to me, providing coverage for people with pre-existing conditions, providing coverage for the 30 million people who don't have insurance to most americans agree with that but did not think that they would personally lose out in terms of their pocketbooks and health care. gerri: one of my twitter followers said this to live like obamacare until i found out i was paying for it. of people feel that way. thank you for coming on. so good to see you.
>> this is a spooky story for halloween. gerri: very spooky. trecker trees. now we want to know what you take. here is our question. is obama ^ trick or treat? log on to gerriwillis.com, vote on the right-hand side of the screen and i was a result of the end of the show. there is another big government program clunker for the obama administration. you remember cash for clunkers? three it was supposed to lower carbon emissions, create jobs, then that is according to a report from the liberal leaning institution brookings. with more on this, president of citizens against government waste. welcome back to the show. you know, this report is funny, but it is coming from brookings. it is highly critical of this program. so many goals and really failed. what did you make of it? >> of brookings says it is bad, it has to be worse than anyone
thinks. they hardly ever criticize a thing of the government does. almost one half million jobs created per job created under cash for clunkers. hundreds of thousands. they said don't ever do this again which is about as negative as you can say about any program in the federal government. gerri: what that showed what, which was so great. it is astonishing. is the reason we are interested in this story tonight, the fellow who has started to my task to buy that president was fixing obamacare, the website. someone who has been a key ally. the office of management and budget, a deputy in acting director, lots of experience. generally well regarded, but guess what, you worked on cash for clunkers. what does that tell you?
>> he took about a month to fix the website. remember, this is not just one person. there are no miracle workers. just a lot of bureaucrats. i don't think it matters it will be in charge. i agree with was he said a few minutes ago. at no see when. history of technological and aptitude is rife. unified like tchaikovsky system could operate between the two agencies. a drop. more than 460 million in to come up with a financial and logistics' record program. and then the cyber file program at the irs, 17 million down the drain. gerri: and the list goes on periodicity in the hearing see said her estimate of what they paid these firms is something on the order of 200 million. you look at other estimates of the cost of the website, and they are far, far higher.
but i don't understand is why we have to estimate. why don't we know? why don't we have tactile, concrete numbers that we can look at and say, this is what it costs. other estimates are as high as a billion dollars. >> no one knows what the number is. for the most transparent administration in history we don't know anything about what is going on with the cost. you don't know how many people have signed up. they keep saying they will let us know. member states have had successes with their website. they know how many people signed up for medicaid in obamacare and are reporting on it because the system is designed differently and the federal system. gerri: we hear that there will be more spending. how much more? >> there is no way to know. looking at the history of all these technological problems, babbling, a tripling, and not working and all, and as possible it could happen with this website. gerri: unbelievable. thank you for coming on. citizens against government
waste. great to have you here. we have more to come. still to come, what small business owners think about this mess up long. it one of the most powerful man on capitol hill joins me with his committee with what his committee is up to next in a search for answers on obamacare. stay with us. ♪ >> it is really a trick or treat time at the white house. president obama check us. trick or treatment. [laughter] as a business owner, i'm constantly putting out fires. so i deserve a small business credit card
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your subpoena and how will it eliminate what we know about this disastrous rollout? >> very clearly you cannot learn by asking his secretary because he does not seem to know anything. she was out of the loop. we asked for documents. senator lamar alexander and i ask for documents nearly a month ago which were not forthcoming. we have gotten documents from contractors that show contractors are aggressively informing individuals at hhs and cms that there were deep problems and security in testing and speed. we want to find out from these documents is where those warnings go after they are received. clearly did not get to the president's supposedly. they did not get to the secretary supposedly. if so, who is responsible for the american people seeing a waste of $600 million precious days to sign up for health care as those are being cancelled. gerri: congressman, after tell you, the health and human services secretary when asked how much you spend on the mighty
firms said somewhere a little more than 200 million. she did not say 600 million, nor did she say a billion which is another estimate floating around out there. how can we not know how much money we have paid his website? >> in government that is exactly the problem. first of all, they do not know what they spend we did not know what they're obligated, will cost to fix it, and it appears as though these contractors are being paid into picture they did not do right. more importantly the secretary probably a nuanced words is talking about what we spend on the website. not what was spent associated with the website but ultimately may be part of the problem, including security efforts to law harbor contracts, and the like. gerri: you and lamar alexander calling for her resignation. she says she will have the website picks by the end of november. will that satisfy you? >> certainly the american people will be satisfied if, in fact
many see this kind of a quick improvement because they deserve that. what we have to do is look at the dollars, look at the failures, and candidly, we have to make sure that is literally the next time and the next time in the next time there are these big projects such as the president's signature legislation, obamacare, that, in fact, there is accountability. in this time there was not command that is why everyone is saying i did not know why no one is saying it was my responsibility. and the technique and a qualified person, control the budget. as a result it is my fault. you can find everyone he took credit for the brilliance of those 2400 pages, but you cannot find anyone to explain the mistakes, including the fact that people being thrown up their health care as uni speak at a number greater than the amount of people able to get on to obamacare. gerri: that to me is the most concerning thing, really troubling as we roll this out. but kathleen sebelius fell on
her own sword multiple times during that hearing. in the vice-president came out and said he was sorry. the president even said, the buck stops here. this is a your sorry and taking responsibility, two different things? >> they are. they're not saying i am responsible, made a mistake, and there will be ramifications. the secretary is still on the job. of the people that work for her virtually seem to be on the job. some of the contractors that they're changing the or letting go are giving the document did show that they warned of serious problems. it would have caused a reasonable person to do a timeout on this launch, something that republicans are asking for in democrats were covering of the fact that the new this website should not have gone live on october 1st and the american people deserve some extension or suspension in these deadlines in order to get this health care.
lastly i think it is important to realize that this administration did not just pass a law. they created regulations commandos regulations are directories possible for cancellations of health care programs that the american people were quite happy with. gerri: that is effective we're talking about. often more than one time, but i have to ask you this question about united health group. do you think that the relationship between the white house on the one hand and obamacare on the other may have been too close. some people were in vantage might. tell us what you mean. >> first of all, cue ssi is a division commander want to make it clear. we're looking at it in a big way because we think that is important. united health is a major carrier, is like blue cross blue shield and others in the second to step up to the plate and give us the best prices that they can.
is there a revolving door? or the relationships that were inappropriate or conversations that were to because the. we now make any judgment until after the answers come in. gerri: appreciate your time. later in the show, more confusion, this time but which doctors are participating. guess what the doctors don't know? next, no one seems to be more confused when small-business owners. the results of a new study next. so ally bank has a ise your rate cd that wothat's correct.a rate. cause i'm really nervous about getting trapped. why's that? uh, mark? go get help! i have my reasons. look, you don't have to feel trapped with our raise your rate cd. if our rate on this cd goes up, yours can too. oh that sounds nice.
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♪ gerri: obamacare means more and more problems for small business owners and new surveys say costs are going up. premiums are sky high. joining me now, technology and financial consulting firm. thank you for joining yes. i wonder if you're finding what the folks found, small-business premium hikes 64 percent of these companies say they're paying more of the average cost of over $8,000. >> is what i am seeing. with all the promises so far we have not seen any decrease in premiums. they're going up. on average 50 to 25%. a lot of my clients are paying for $5,000 per employee for health insurance is actually gone up to five or 6,000. we are waiting for those
premiums to come down, as promised. it. gerri: not yet. one of the interesting things, this is coming out of profit. this is how we making this square. is a sustainable? >> it is not going to last. really cannot they have to pass those costs down to their employees. you will find is a lot of business owners, existing plants that they have are what would equivocate to a silver level health plan. my prediction is a lot of business owners will look at their employees and say we will all see the planned required by law but if you want anything more you love to pay for it. if i and an employee of this business of will be expected to pay a little bit more. gerri: that is interesting. in a 47 to 60 percent of people
and the individual market are going to lose there market coverage. small-business people who are currently covered will lose coverage as well a mix of lower profitability. increased productivity and delayed investment as a way to try ten square the circle mecca for the money-losing from obamacare. >> it will impact a lot of companies. i don't feel out -- plaza shopping coverage. they want to be competitive against other businesses in their industry. one guy is offering health insurance and i'm not and not going to be a will to check those kind of employees that want. i don't think you will be dropping the insurance, but it will be asking employees to pay more. we have to because costs are going up and there is only so much that we can absorb. gerri: from your lips to god's ears. here is what the folks had to
say about this. the affordable care act is affecting the economy because it is raising insurance costs for small firms. and none in a position to invest our raise wages, do the kinds of things that one would hope will happen after recession. as is constrained the kind of growth you expect of your clients? >> of course. for a business owner is all about cash. the less cash on hand the less you can invest, not only in people, but also assets. remember, for a small-business owner to invest in property, they employ people. we will continue see that. we have been complaining about health insurance for years. this is nothing new. gerri: big complainers. >> we will complain about everything. gerri: thank you for coming on. appreciate it. >> thanks. gerri: coming up, how do you do that?
how to save money if you still have not bought your thanksgiving slice. next, more of archer -- coverage of the obamacare mess with the doctor is as the website is so screwed up it is listing him as a participating position when he is not. you will want to hear this. ♪ >> chaos, president obama went to boston today, due to boston traffic with his health care website, traffic on the web. [laughter] friday night, buddy.
insurance plan. our next guest realizes name is down for 36 plans and he did not even know it. joining us now, a psychiatrist dr. stephen davis, the chief medical information officer for m3 in formation. welcome and thank you for being with us. in that first day that the website up and, you went on line. what did you find? >> one of the 16 states that actually have their own exchanges. what i found is that i was listed. i was glad to see that it was working. work on october 1st. the problem was that i was listed with insurance companies, some of them an indication where i had not worked for about four years. gerri: so you told our producer that you were down as participating in 36 new insurance plans. when you know for and?
>> what happens in insurance typically is that physicians demanded varies from state to state, physicians will sign up for an insurance plan. in some states, not one of them, but in some and many insurance plan that insurance company has, and they may have four, five, six, you have to participate in all of them. it is all or none. in other states you can pick and choose, but what happens is i think that these contracts were traded around. for example, in maryland there is an insurance company that i have never heard of which just started up, and they are essentially licensing that directory of physicians from another insurance company. gerri: that means you get put on the plans that you were not -- did not even know about and in some places you're a psychiatrist and/or not even listed as an internist. >> i just found out about that yesterday. a friend of mine called me and said that they wanted me to fix
their root canal. i am listed as a dentist and one of them. of course i am not. gerri: that is funny. many of the help exchanges to list doctors and all. it is not even available. california recently get rid of their doctors directory because there were so many problems with it. clearly this issue would be critical to people trying to sign on, but a doctor they currently have. it seems to me if you're going to be on evergreen are some analysis plan that you would want to know reimbursement rates. did you? did you have that information? >> you would want to know that. betty not know what the reimbursement rates are. one of the things that i guess it is maybe not so much news, this problem with the provider directors being an accurate and up-to-date and some people have retired or moved or died, this is been doing it for years by the insurance companies.
in maryland, for example, the maryland insurance exchange which is running pretty well from my viewpoint, the problem is that they get the list of these physicians from the insurance companies. it is the insurance companies that have the wrong data. this is going on for years the stakes are so much higher than obamacare. the stakes are very high. people are shopping for coverage. a desperate to know if there in their plan. they want to know if dr. davis to pick up the telephone if they have a certain kind of coverage. they're not going to get that. how would you grade their efforts on your behalf to list you. >> 50% in accurate as far as my location, 0% and accurate as far as nonparticipation. you're absolutely right. though we need to do is solve the insurance companies accountable for the network
directories that they are just providing to these exchanges. the insurance companies don't have it right. gerri: so many problems. thank you for coming on. appreciate your time and candor. gerri: you are supposed to be a doctor to a bunch of people you don't even know. out another one of the many changes in obamacare with a cap on the amount of money you could put in a flexible spending account. $2,500. when it made the change the government also said it would take another look at the long standing views -- use it or lose it rule. one of those crazy irs rules driving consumers gnats. we hate it. today some relief. the irs now saying you can carry over up to $500 of unused money into the next year. why can't we carry over all of it? finally, a bit of good news. when we come back we're looking for you and your gerriwillis.com
♪ gerri: well, procrasttnating will gusty this thanksgiving. air fares are on the rise, but it is not too late to snag a deal. joining me now, ceo of fare compare. is it me or are they going up? think they're going to begin. >> definitely going up. especially for thanksgiving. would give you an example. the wednesday before in the
sunday after, the most expensive and busiest days right now have jumped about 30% in the last two and a half weeks of soap. so basically if you are heading cross-country $700 is if you want the most convenient. you can get almost half that, not quite half of the few are willing to put up with some really bad connecting flights and some -- if you get into procrastinating until the second week in november all bets are off and you are getting closer to a thousand dollars. gerri: have mercy. in the past two weeks thanksgiving flights are up to & let's get -- you were just using the full screens. what actual prices people should shoot for. on long hauls, what should i be shooting for? >> if you want the most convenient nonstop flights that $700, you can use this for about 400 if you for go convenience,
leave on a tuesday, for example. come back on a saturday. there is a huge change in their if you are willing to be somewhat flexible. wednesday and sunday, either one of those days you will pay the highest premium we have seen and we have been doing this for almost eight years now. gerri: that is interesting. i hate those flights. now, if you are doing medium you can say that what does that mean? >> basically have the cash which is about like chicago. it basically halfway across the country round trip. a little bit under $400. on short haul flights, 9-minutes or less, you're looking at just over $200. gerri: and in those, take a look at that. maybe we can get that up. 230. when you say short haul, what do you mean, new york to new jersey? >> dallas, houston, san
francisco, l.a., boston, new york. basically any flight under 90 minutes. td not see a huge rise in prices because there are so many frequencies. gerri: the other thing we want to talk about was these new faa rules. >> we in turn are electronics on all the way from getting on the plane although intel landing. so the more having to turn off your electronics. at of the most people did that anyway. essentially starting in november they can do it. other airlines will allow it. the only caveat i know cell phone calls. and potentially if you have wi-fi on the plane is up to the allies decide fun of it will turn on my fire below 10,000 feet. it is a to the airlines. i think that the problem is big
year may be set to the 10,000-foot limit and may not be easy to change. the one thing that could happen, we have seen in other countries, they allow some phone calls. just as see that happening in the u.s. for a long time because if you look and all the polls in this area, as people do not want cell phone calls on airplanes. gerri: if they do that level walked everywhere i go. thanks a lot. good to see you. >> you, too. gerri: before we start digging about thanksgiving, today is halloween. if you feel like you truly have an experience this terrifying holiday we have some travel suggestions for next year. the night's top five scary as places to get to in america. the pantages area in west regina, an estimated 1,000 inmates died at this prison since 1899. many are said to be looking in
halls. legend has it that a mother went to dick gephardt child's body and took her on life. visitors find this year weeping over the grave. number three, that trans allegheny lunatic asylum in west virginia. those hospitals, the mentally insane, a hotbed of what they call paranormal activity. how patients in '94. the hand custom building. the winchester mystery house and the number one scary is place in the u.s., the st. louis cemetery in new orleans. look at this. this city is filled with the unexplainable and the above-ground cemeteries is the
biggest and oldest in the day easy. the voodoo queen herself. other places on the list include the family had tell in colorado and the st. augustine white house and florida. happy halloween. still to come, my "2 cents more." next to my blockbuster earnings may be misleading. it turns out young people are not signing on any more. you may want to have hear about that. gerri: in so i can reach ally bank 24/7, but there are no branches? 24/7. i'm sorry, i'm just really reluctant to try new things. really? what's wrong with trying new things? look! mommy's new vacuum! (cat screech) you feel that in your muscles?
drink water. it's a long story. well, not having branches let's us give you great rates and service. i'd like that. a new way to bank. a better way to save. ally bank. your money needs an ally. once wrote something on a sheet of per and placed it in his factory for all to see. ♪ four simple words where the meaning has never been lost. the challenge always accepted. and the calling forever answered. ♪ introducing the all-new 2014 s-class mercedes-benz. the best or nothing. gerri: is facebook losing its cool? what does this mean for the social media giant? 3
gerri: smashing expectations news of the decline sent the stock, so it goes -- roller-coaster ride. what does this mean for the social media giant? editor with money news ultimate love report. >> it is a great product, service, a great thing to use, but basically it is way overpriced relative to their earnings that it is currently putting out. it is something that if you like it used the product, but don't buy the stock. gerri: it back to my question. who is using it and why does it matter? >> i would say the problem is
user growth in the u.s. to canada have flat line. in europe it as almost flat line. the real growth is in agents of other areas. that is whether growth is happening. really hopefully will continue, but when you don't have the u.s. growing in europe drilling hardly it really does give a little bit of concern. gerri: i know in the world of television advertisers pay up for young viewers. is that the case online? >> i don't think so. the biggest thing is not worrying about the teens of the 20's some things. they can make money advertising. ad revenue is where it is crucial. i think a lot of people are racially pouring money into facebook because they are getting a lot of eyeballs, and i am not certain that these will get a greater return on their money. i think that is where things will come into question.
gerri: here is what i thought was interesting. you say that people paid $2,303 for every dollar of earnings last year. they pay over 52 for each dollar of earnings now, and even that is too expensive. >> it is. the earnings, the price, going about such a fast rate that really investors are getting overzealous in their overpaying for the stock. really it should be at $25 stock. but in all honesty i think we will end up making it down to the 32 to 35 level which would put it at a fair valuation. gerri: this is a company that needs to invent something new. what do you say? >> well, they are definitely going to have to do something. this kind of like they're eventually will be at two. zero version of this. it will eventually have to go from being a blackberry type model to an apple or samsung's. in so -- so eventually this will morphin to something bigger and there will have to be on board.
and not sure if they will do that are not. gerri: i don't know if small business people will see the value in advertising. thank you for coming on. great to talk with you. good to see with you. we will be right back with my "2 cents more" and our answer to the question of the day. gerri: in [ tires screech ] ♪ [ male announcer ] 1.21 gigawatts. today, that's easy. ge is revolutioning power. supercharging turbines with advanced hardware and innovative software. using data predictively to help power entire cities. so the turbines of today.. will power us all...
treatment options and cost estimates, so we can ke better health decisions. that's health in numbers. unitedhealthcare. help the gulf when we made recover and learn the gulf, bp from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger. gerri: president obama's promise this morning would be able to keep their health insurance was doomed from the start, it turns out that everyone knew, that but the president himself, as obamacare turned out to be a
trick or a try the, 96% said a trick, 4% a treat. log on to gerriwillis.com for our on-line question every weekday. >> e-mails to read, charlotte, obamacare is going to hurt a lot of people. i'm afraid they will take more from medicare out of my retirement check. and i will not be able to live on the remainder. >> mike from kansas, i enjoy your show keep up the good work. >> yours is the only show that is continuing to seek answers regarding obamacare, every day you find more reasons why the law is a disaster, keep up the pressure. we're on it. we love hearing from you, go to gerri willis.gerriwillis.com. the hand bringing over obama -- handwringing over obamacare it continues, administration taking 12e7s at the margin to get our approval, today, for example, an
announcement you can carry over $ 500 in your flexible spending acount for health care to the next year, it was a use it or lose it proposition, that is good, and it is also good that administration is bringing in experts from google and oracle to help fix the web site, but none of the tinkering will help the millions of people losing their healthcare coverage, right now. obamacare, was sold on a false assumption. if you had coverage so the argument went, you didn't have to worry. that is not true, i disagree, obamacare is changing your health care, and mine and everybody elses, and not for the good, that is my two cents more, change it, repeal it, get rid of the law, that is tonight's willis report, thank you for
joining us, dvr the show if you can't catch us live, have a great night, we'll see you back here tomorrow. thank you. lou: president obama today declared that america is open for business. even if obamacare is not, presidented ied it today veinly sought to change the subject and divert media attention from his failures and deceits. it is clear that mandate or not, most americans are not buying what president obama is trying to sell. i'm lou dobbs. lou: good evening for a second straight day the president trying to divert media attention from the obamacare disaster. the president focused on international trade, p